Erin Energy Discovers Hydrocarbons in Its Oyo-NW Well

HOUSTON--(BUSINESS WIRE)--
Erin Energy Corporation (“Erin Energy” or the “Company”) (NYSE
American:ERN) (JSE:ERN) today announced that it has completed the
drilling of the Oyo-NW well and, based on preliminary evaluation, it has
discovered hydrocarbons in the Miocene Formation. The well is located
approximately 9.5 kilometers northwest of the Oyo Central field on the
Company’s offshore Nigeria block 120. The Miocene formation is where
several of Erin Energy’s neighbors have discovered billions of barrels
of hydrocarbons and from which several hundred thousand barrels per day
are produced offshore Nigeria.

The Company is currently completing well-suspension activities so it can
re-enter the well in the future for possible production.

“These results are very encouraging and support our technical team’s
evaluation of the prospectivity of the Miocene and have significantly
de-risked the other major Miocene prospects in blocks 120 and 121,”
stated Femi Ayoade, Chief Executive Officer. “We will move quickly to
appraise the discovery. The Miocene is the most prolific producing zone
offshore Nigeria, and the presence of these hydrocarbons is a
significant step forward in unleashing the value of the Miocene
Formation in our blocks.”

The well was successfully drilled to the proposed total vertical depth
subsea (TVDSS) of 12,218 feet and penetrated multiple sand units with
total gross thickness of 260 feet in the depth range from 7,052 – 10,873
feet TVDSS as interpreted from wireline log data.(1)

Preliminary evaluation of the well data shows that the two main sand
units, the Miocene U7.0 and U8.0, with a gross thickness of
approximately 83.6 feet are hydrocarbon-bearing.(1) Work has
commenced to estimate the discovered volumes and to determine the
relevant appraisal and development program.

About Erin Energy

Erin Energy Corporation is an independent oil and gas exploration and
production company focused on energy resources in sub-Saharan Africa.
Its asset portfolio consists of 5 licenses across 3 countries covering
an area of 6,100 square kilometers (~1.5 million acres), including
current production and other exploration projects offshore Nigeria, as
well as exploration licenses offshore Ghana and The Gambia. Erin Energy
is headquartered in Houston, Texas, and is listed on the New York and
Johannesburg Stock Exchanges under the ticker symbol ERN.

(1) Source: Based on management estimates.

For more information about Erin Energy or to request a hard copy of the
Company’s most recent complete audited financial statements free of
charge, please call +1 713 797 2940 or visit www.erinenergy.com.

Forward-Looking Statements

This news release contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. All statements, other than
statements of historical fact, concerning activities, events or
developments that the Company expects, believes or anticipates will or
may occur in the future are forward-looking statements. Although the
Company believes the expectations reflected in these forward-looking
statements are reasonable, they involve assumptions, risks and
uncertainties, and these expectations may prove to be incorrect.

The Company’s actual results could differ materially from those
anticipated or implied in these forward-looking statements due to a
variety of factors, including the Company’s ability to successfully
finance, drill, produce and/or develop the wells and prospects
identified in this release, and risks and other risk factors discussed
in the Company’s periodic reports filed with the Securities and Exchange
Commission. All forward-looking statements are expressly qualified in
their entirety by this cautionary statement. You should not place undue
reliance on forward-looking statements, which speak only as of their
respective dates. The Company undertakes no duty to update these
forward-looking statements.

This Competent Person’s Report contains estimates of "prospective resources" and "contingent resources." The Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only “reserves,” as that term is defined under SEC rules.

Prospective resources are those quantities of petroleum estimated, as at a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Contingent resources are those quantities of petroleum estimated, at a given date, to be potentially recoverable from known accumulations, but the applied projects are not yet considered mature enough for commercial development due to one or more contingencies.

Prospective resources have both an associated chance of discovery and a chance of development, while contingent resources have an associated chance of development. Investors should not assume there will be any discovery associated with prospective resources, or that any discovery or any contingent resources will be economically drillable or ever be upgraded into reserves.